Anshu Jain, the Indian-born banker who helped turn Deutsche Bank from a primarily domestic lender into a global financial conglomerate, has died at the age of 59.
City of London and Wall Street trained Jainwho led Deutsche as co-CEO from 2012 to 2015, suffered from stomach cancer and died in the UK on Friday night, his family confirmed.
“We are deeply saddened by our beloved husband, son and father. . . Jain’s family said in a statement that he passed away overnight after a fierce five-year battle with duodenal cancer,” Jain’s family said in a statement. added that he managed to outlive his doctor’s initial prognosis by up to four years. They said: “Until his last day, Anshu maintained his lifelong determination to ‘not become a statistic’.
In a statement released on Saturday, Alexander Wynaendts, chairman of the supervisory board of Deutsche Bank, said: “Anshu Jain plays a key role in expanding Deutsche Bank’s position in our global business with corporate and institutional investors. Today, this is of strategic importance not only for Deutsche Bank but also for Europe as a financial centre.”
Jain, a pioneer in derivatives trading, joined Germany’s largest lender in 1995 from Merrill Lynch, where he founded and operates a unit that includes hedge funds around the world. gender. He rose rapidly through the ranks.
After his mentor Edson Mitchell – the American who ran Deutsche’s investment banking arm – died in a plane crash in 2000, Jain became the head of Deutsche’s global markets business, before co-leading the investment banking division in 2004.
Together he oversaw a period of rapid growth, during which the unit generated most of Deutsche’s profits, making it the world’s largest bank in a short time. Jain took sole control of the division in 2010, when he gained control of then-CEO Josef Ackermann.
In what was then a rare achievement for an outsider with less polished German, Jain born in Jaipur and raised in Delhi was elevated to the top position at Deutsche Bank in 2012, and became co-CEO with German Jürgen Fitschen. He commands one of the highest-paid banks globally and has garnered praise from key investors including Larry Fink, the boss of the bank’s largest shareholder, BlackRock.
However, shareholder uncertainty over lack of profits, soaring costs, a shift in labor and ongoing conflicts with Deutsche’s Frankfurt premises led to Jain’s departure in the summer of 2015. two years before his contract expires.
The bank has also come under pressure from regulators, who raise concerns about the bank’s internal culture. Deutsche was forced to pay billions of euros to settle allegations of Libor manipulation and face investigations into money laundering and foreign exchange abuse.
After a brief retrenchment, Jain returned to the financial services sector in 2017 as president of US investment bank Cantor Fitzgerald, while also serving as an advisor to online bank SoFi.
Christian Sewing, managing director of Deutsche, said: “Anyone who has worked with Anshu has experienced a passionate leader with a brilliant mind. His drive and loyalty to the bank left a great impression on many of us. Our thoughts and sympathies go to his wife, children and mother. We will honor his memory.”
Michele Faissola, an Italian financier and former top Jain lieutenant, said: “Anshu was an excellent leader and a great friend. The ability to understand customer problems and find innovative solutions is second to none. He can grasp a complex situation, analyze it and give the best course of action in a short time. Unique talent. He will be remembered.”
Fink, the president and chief executive officer of BlackRock, said in a statement that he was “deeply saddened” by Jain’s death.
“I got to know Anshu when he was at Merrill Lynch and we have always been close as his career has progressed, including his time at Deutsche. I will always be grateful for the time we had together,” Fink said.
“He will be remembered for his leadership in financial services and his deep commitment to conservation. My thoughts are with his wife, children, family, friends during this difficult time.”
